New Delhi: Russia’s Ukraine crisis is having a major impact on the population of India in general, as global markets are feeling the pinch of instability in the region. Russian President Vladimir Putin’s decision to declare the territories of Donetsk and Luhansk as independent states, followed by economic sanctions on Russia from the US and other countries, is devastating in world markets.
For starters, oil prices have been higher since 2014. Higher oil prices are one of the many reasons why inflation will increase in the coming seasons if the situation does not improve.
India, in particular, will face consequences. Significant upgrades may be attributed to oil and gas products to freight and other services.
Here is a look at the goods and services you can get buying in India due to the ongoing Russian conflict in Ukraine:
Oil, Diesel Charges
With the ongoing conflict, Brent Oil prices are closing over $ 100 per barrel. India, a major importer of crude oil, will have to pay more for oil and gas products. Finally, vehicle owners may have to loosen their wiring harness.
Russia and Ukraine are among the largest exporters of wheat to the world, according to the Food and Agriculture Organization of India’s Statistics of 2017. India regularly imports wheat from countries such as France, Australia and Ukraine, among others. other. But with major wheat suppliers in the fight, wheat prices could increase further.
Russia is also the largest supplier of Palladium to the world. For the unversed, metals are widely used metal found use in the devices of various devices such as smartphones. Palladium prices could increase if Russia faces economic sanctions from the West. Also Read: EPFO offers a special update on the Validity of Life Certificate, submission time
LPG, Kerosene Charges
The cost of domestic fuels such as LPG or kerosene can also increase with rising crude oil prices. Also Read: Tesla investigated by German regulators for its Autopilot version: Report